Apple leads drop in tech stocks after Trump tariff announcement

Apple CEO Tim Cook (C) looks on behind US President Donald Trump (R) and US Vice President JD Vance (L) after the two were sworn into office at an inauguration ceremony in the rotunda of the US Capitol in Washington, DC, on January 20, 2025. Apple slid more than 6% in late trading on Wednesday and led a broader decline in tech stocks after President Donald Trump announced new tariffs of between 10% and 49% on imported goods. The majority of Apple's revenue comes from devices manufactured primarily in China and a handful of other Asian countries. Nvidia , which manufactures new chips in Taiwan and assembles its artificial intelligence systems in Mexico and elsewhere, fell about 4%, while electric vehicle company Tesla dropped 4.5%. Across the rest of the megacap universe, Alphabet , Amazon and Meta all fell between 2.5% and 5%, and Microsoft was down by almost 2%. If Apple's post-market loss is matched in regular trading on Thursday, it would be the steepest decline for the stock si ... Read full article.